Commodities · Commodity specialist topics · lesson 7 of 9 · 7 min read · David Alexander
Seasonality in the curve
seasonal structure
The calendar, priced permanently into the curve: winter gas months trading above summer months all year round, new-crop grain months priced against old-crop stocks. It is where known seasonality actually lives - visible in the month spreads at any moment - which is precisely why the calendar's arrival, by itself, pays nobody.
This lesson is part of the advanced modules.
Modules 6 to 8 are included with a paid account. The definitional summary above is the whole of this page until then.